TLDR:
Sui Network’s TVL surpassed $900 million, ranking 8th among blockchain networks
SUI price increased 11% in 24 hours and 46.76% in 7 days, trading at $1.61
Grayscale Investments opened private placement of Grayscale Sui Trust
Sui partnered with Circle to integrate native USDC and Cross-Chain Transfer Protocol
Analyst compares SUI’s potential to Solana’s 2021 bull run, suggesting it could reach $50 by next year
The Sui Network, a layer 1 blockchain platform, has been making waves with its recent achievements and price surge. As of September 23, 2024, the network’s Total Value Locked (TVL) has surpassed $900 million, marking a significant milestone in its growth trajectory.
Sui Network’s TVL growth has been nothing short of impressive, recording a 3,285% increase over the past year. This surge in TVL has propelled Sui to the 8th position among all blockchain networks, reflecting increased adoption and activity within its ecosystem.
The network reached this milestone just three weeks after crossing the $600 million TVL mark, indicating rapid expansion.
The native token of the Sui Network, SUI, has also experienced substantial price appreciation. Trading at $1.61, SUI has seen an 11% increase in the past 24 hours and a remarkable 46.76% surge over the last seven days. This price movement has pushed SUI’s market capitalization to $4.31 billion, securing its position as the 21st largest cryptocurrency by market cap.
SUI’s trading volume has also seen a significant uptick, reaching $918.18 million, which represents a 131.77% increase in the last 24 hours. This surge in trading activity suggests growing interest from investors and traders alike.
Several factors have contributed to Sui’s recent success. On September 12, Grayscale Investments announced the opening of private placement for the Grayscale Sui Trust. This development is expected to facilitate institutional investment in the SUI ecosystem, potentially increasing liquidity and adoption.
Sui Network formed a strategic partnership with Circle, the issuer of the USDC stablecoin. This collaboration led to the integration of native USDC and the Cross-Chain Transfer Protocol (CCTP) on the Sui Network.
The integration is aimed at enhancing liquidity and enabling various digital dollar-backed applications across decentralized finance (DeFi), gaming, and e-commerce sectors.
Sui Network’s growth has not gone unnoticed by market analysts. Some have drawn parallels between Sui’s current trajectory and Solana’s bull run in 2021.
During that period, Solana’s price surged from around $10 to nearly $260. Based on this comparison, some analysts suggest that SUI could potentially reach $50 by next year, although such predictions should be taken with caution given the volatile nature of cryptocurrency markets.
SUI previously touched a higher price of $2.08 in early March 2024, coinciding with Bitcoin’s new all-time high.
However, it experienced a significant downturn, dropping to under $0.50 amid a broader market sell-off. The current recovery and upward trend since June demonstrate the token’s resilience and the market’s renewed confidence in the project.
The post SUI Price Surge: Sui Network Reaches $900M TVL Milestone, What’s Next? appeared first on Blockonomi.
